BidaskClub upgraded shares of Erie Indemnity (NASDAQ:ERIE) from a sell rating to a hold rating in a report published on Tuesday.
Separately, Zacks Investment Research upgraded shares of Erie Indemnity from a hold rating to a strong-buy rating and set a $131.00 price target on the stock in a report on Tuesday, February 27th.
Shares of NASDAQ ERIE opened at $114.41 on Tuesday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.09 and a current ratio of 2.09. The firm has a market capitalization of $5,417.40, a price-to-earnings ratio of 28.96 and a beta of 0.42. Erie Indemnity has a 52-week low of $106.63 and a 52-week high of $129.73.
Erie Indemnity (NASDAQ:ERIE) last announced its quarterly earnings results on Thursday, February 22nd. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.04. The company had revenue of $401.40 million for the quarter. Erie Indemnity had a net margin of 11.65% and a return on equity of 24.25%. equities analysts forecast that Erie Indemnity will post 4.91 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, April 20th. Shareholders of record on Friday, April 6th will be issued a $0.84 dividend. The ex-dividend date of this dividend is Thursday, April 5th. This represents a $3.36 dividend on an annualized basis and a yield of 2.94%. Erie Indemnity’s dividend payout ratio is currently 85.06%.
In other Erie Indemnity news, Director Luann Datesh acquired 210 shares of the company’s stock in a transaction on Friday, March 9th. The stock was acquired at an average cost of $119.87 per share, with a total value of $25,172.70. Following the purchase, the director now directly owns 410 shares of the company’s stock, valued at approximately $49,146.70. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Timothy G. Necastro acquired 493 shares of the company’s stock in a transaction on Tuesday, February 27th. The stock was acquired at an average cost of $115.18 per share, with a total value of $56,783.74. Following the completion of the purchase, the chief executive officer now directly owns 12,006 shares in the company, valued at $1,382,851.08. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 908 shares of company stock worth $105,682. 46.79% of the stock is currently owned by insiders.
Several large investors have recently modified their holdings of ERIE. SeaCrest Wealth Management LLC purchased a new position in shares of Erie Indemnity in the 4th quarter worth $161,000. The Manufacturers Life Insurance Company grew its stake in shares of Erie Indemnity by 7.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,369 shares of the financial services provider’s stock worth $171,000 after buying an additional 91 shares in the last quarter. Public Employees Retirement Association of Colorado grew its stake in shares of Erie Indemnity by 100.9% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 1,559 shares of the financial services provider’s stock worth $190,000 after buying an additional 783 shares in the last quarter. Keybank National Association OH purchased a new position in shares of Erie Indemnity in the 4th quarter worth $201,000. Finally, State of Alaska Department of Revenue purchased a new position in shares of Erie Indemnity in the 4th quarter worth $231,000. 31.04% of the stock is owned by institutional investors and hedge funds.
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About Erie Indemnity
Erie Indemnity Company operates as a managing attorney-in-fact for the subscribers at the Erie Insurance Exchange in the United States. The company provides sales, underwriting, and policy issuance services for the policyholders on behalf of the Erie Insurance Exchange. Its sales related services include agent compensation, and sales and advertising support services; and underwriting services comprise underwriting and policy processing, as well as provides administrative support, information technology, and customer services.
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